Estate planning has emerged as the single most common reason Americans call a lawyer, with new data from LegalShield Intelligence showing the gap between recognizing need and acting on it remains wide open for financial advisors. According to LegalShield's analysis of roughly 150,000 monthly consumer calls to its network of provider attorneys, estate planning now drives approximately 1 in 6 legal inquiries, up from about 1 in 9 in 2016. Within this category, questions about trusts have grown sevenfold over the past decade and now account for nearly 1 in 5 estate planning calls. This surge coincides with what Cerulli Associates estimates will be a $124 trillion transfer of wealth in the United States through 2048 as Baby Boomers pass assets to spouses, children and grandchildren, with more than $1 trillion expected to move annually by the early 2030s.
Most investors spend years accumulating savings, buying insurance, investing in mutual funds and opening retirement accounts, but very few consider whether their family would know where to find these assets if they were no longer around. According to reports from Mint, a person's finances are rarely confined to one bank account or a single investment, with savings spread across multiple banks, mutual funds, demat accounts, insurance policies, provident fund accounts and digital platforms. Unless someone keeps a clear record, family members may struggle to identify everything that belongs to the deceased, delaying access to money when they need it most. Trust & Will's 2026 Estate Planning Report found that 56% of U.S. adults have no estate planning documents at all – no will, trust, medical power of attorney, financial power of attorney or HIPAA authorization – essentially unchanged from 55% a year earlier.
The data reveals significant client demand for estate planning integration into advisory services. Trust & Will's separate 2026 Financial Advisor Report, based on a June survey of 1,500 U.S. adults, found that 61% of Americans now say financial advisors should offer estate planning as part of their services. More striking for practice management, 68% of clients who already have an advisor say they would consider switching to one who offers estate planning services, including nearly 40% who call themselves 'very likely' to switch. Among advised Gen Z and Millennial clients, roughly 8 in 10 say they would consider switching advisors over the issue, compared with about a quarter of advised Baby Boomers. The same younger cohorts are driving overall advisor adoption, with 31.2% of Americans now having a financial advisor, up from 26.9% in 2025.
A financial inventory addresses the problem by bringing every important financial detail into one place, according to estate planning professionals. According to Mint, such a document should record bank accounts, fixed deposits and locker details alongside mutual funds, shares, bonds and demat accounts. The inventory should also include insurance policies and nominee information, as well as retirement savings such as EPF, NPS and pension accounts. Property ownership details, the location of important documents, outstanding loans, guarantor responsibilities, the details of your Will and executor, and contact information of professionals such as chartered accountants, lawyers or financial advisers can help families navigate financial matters more efficiently. Trust & Will's survey found that will ownership actually fell five points year over year, from 31% to 26%, while trust ownership rose three points to 14%, suggesting the minority who are acting are choosing more comprehensive planning vehicles.
The data shows that advisors who raise the subject are having measurable impact on client behavior. Trust & Will's research found that more than 80% of advised respondents said their financial advisor has brought up estate planning at least once, and 56% said the conversation made them feel more urgency about creating or updating a plan, with almost none reporting the opposite effect. Economic conditions appear to be reinforcing the trend, with roughly half of Americans saying economic conditions over the past year made them more motivated to get their estate planning in order, and 54% reporting increased financial anxiety over the same period. Despite the rise in inquiries, ownership of basic protections remains stubbornly low, with LegalShield's companion survey finding that 94% of Americans believe a will is important, yet only 46% actually have one.
